ASML stock soars toward biggest gain in 20 years

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The U.S.-listed shares of ASML Holding N.V. ASML, +12.33% ASML, +9.74% shot up 12.8% toward the biggest one-day gain in 20 years in midday trading Thursday, after the Netherlands-based semiconductor equipment maker set a new 12 billion euro ($12.2 billion) stock buyback program, and as part of a broad rally in the chip sector and the stock market. The new repurchase program, which is effective Nov. 11 and is expected to be completed by Dec. 31, 2025, represents about 5.4% of the current market capitalization of about $224.86 billion. Separately, the company raised its guidance for 2025 revenue to between EUR30 billion and EUR40 billion from guidance provided at last year’s Investor Day of between EUR24 billion and EUR30 billion. “While the current macro environment creates near-term uncertainties, we see longer-term wafer demand and capacity showing healthy growth,” the company said in a statement. The stock’s rally, which is on track to be the biggest since it soared 14.1% on Nov. 21, 2002, comes as the PHLX Semiconductor Index SOX, +7.46% surged 7.7% with all 30 components gaining ground, and as the S&P 500 SPX, +4.15% ran up 4.6% in the wake of upbeat inflation data.

This article was originally published by Marketwatch.com. Read the original article here.

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